FedEx (NYSE:FDX) Price Target Cut to $350.00 by Analysts at JPMorgan Chase & Co.

FedEx (NYSE:FDX) had its price objective cut by analysts at JPMorgan Chase & Co. from $359.00 to $350.00 in a report issued on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the shipping service provider’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 37.45% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the company. Stifel Nicolaus reissued a “buy” rating and issued a $327.00 price objective (up previously from $303.00) on shares of FedEx in a report on Wednesday, June 26th. Morgan Stanley cut shares of FedEx from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $215.00 to $200.00 in a research note on Friday. Bernstein Bank lifted their price objective on shares of FedEx from $305.00 to $337.00 and gave the company an “overweight” rating in a research report on Friday. UBS Group dropped their target price on shares of FedEx from $333.00 to $311.00 and set a “buy” rating on the stock in a report on Friday. Finally, Evercore ISI lowered their price target on FedEx from $335.00 to $318.00 and set an “outperform” rating on the stock in a research report on Friday. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and seventeen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $313.38.

FedEx Stock Down 15.2 %

FedEx stock opened at $254.64 on Friday. The company has a current ratio of 1.36, a quick ratio of 1.32 and a debt-to-equity ratio of 0.73. FedEx has a 1-year low of $224.69 and a 1-year high of $313.84. The company has a fifty day simple moving average of $292.43 and a 200 day simple moving average of $275.04. The company has a market cap of $62.66 billion, a P/E ratio of 14.78, a price-to-earnings-growth ratio of 1.03 and a beta of 1.17.

FedEx (NYSE:FDX) last announced its quarterly earnings data on Thursday, September 19th. The shipping service provider reported $3.60 earnings per share for the quarter, missing the consensus estimate of $4.82 by ($1.22). FedEx had a net margin of 4.94% and a return on equity of 16.70%. The company had revenue of $21.58 billion during the quarter, compared to the consensus estimate of $21.87 billion. During the same quarter in the previous year, the business earned $4.55 EPS. FedEx’s revenue was down .5% on a year-over-year basis. Research analysts anticipate that FedEx will post 20.82 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Robert B. Carter sold 16,010 shares of the company’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $294.48, for a total transaction of $4,714,624.80. Following the completion of the sale, the executive vice president now directly owns 59,884 shares in the company, valued at approximately $17,634,640.32. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, EVP Brie Carere sold 1,958 shares of FedEx stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $310.43, for a total value of $607,821.94. Following the transaction, the executive vice president now directly owns 19,937 shares of the company’s stock, valued at $6,189,042.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Robert B. Carter sold 16,010 shares of the company’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $294.48, for a total value of $4,714,624.80. Following the sale, the executive vice president now owns 59,884 shares of the company’s stock, valued at $17,634,640.32. The disclosure for this sale can be found here. Insiders have sold a total of 32,944 shares of company stock worth $9,882,355 in the last 90 days. Company insiders own 8.73% of the company’s stock.

Hedge Funds Weigh In On FedEx

Hedge funds and other institutional investors have recently modified their holdings of the business. Fortis Group Advisors LLC grew its position in FedEx by 100.0% in the fourth quarter. Fortis Group Advisors LLC now owns 100 shares of the shipping service provider’s stock valued at $25,000 after acquiring an additional 50 shares during the last quarter. Scarborough Advisors LLC acquired a new stake in FedEx in the fourth quarter valued at approximately $25,000. Central Valley Advisors LLC bought a new stake in shares of FedEx during the second quarter worth $39,000. Security National Bank acquired a new position in shares of FedEx during the fourth quarter worth $44,000. Finally, Abound Wealth Management boosted its holdings in shares of FedEx by 175.9% during the 2nd quarter. Abound Wealth Management now owns 149 shares of the shipping service provider’s stock valued at $45,000 after acquiring an additional 95 shares in the last quarter. Institutional investors own 84.47% of the company’s stock.

FedEx Company Profile

FedEx Corporation provides transportation, e-commerce, and business services in the United States and internationally. It operates through FedEx Express, FedEx Ground, FedEx Freight, and FedEx Services segments. The FedEx Express segment offers express transportation, small-package ground delivery, and freight transportation services; and time-critical transportation services.